The Best Online Stock Trading Platforms

Sunday, April 20th

2025 Online Stock Trading Platform Reviews

Fidelity

• Strong selection of accounts for all types of investors
• Over 150 brick and mortar investment centers
• Offers an automated robo-advisor option
• Stellar customer service reputation
• Fractional share trading with access to more than 7,000 US stocks and ETFs
• Fidelity Crypto allows you to trade in cryptocurrency for as little as $1
• Partners with nonprofit organizations to teach financial literacy and offer scholarships and resources to underserved populations

Headquartered in Boston, Fidelity serves its customers through 216 Investor Centers in the U.S. and 14 regional sites across the globe, including India and Ireland. With $15 trillion under its administration and $5.8 trillion in total discretionary assets, they have a strong global presence and a track record of innovation and success. That's not even the best part. When you go to Fidelity's website, the first thing this company wants people to know in their "About” section is not about their founder or fees - it's about who they serve. Everything they do is based on what will benefit their customers. All the innovation and quality are driven by one thing: the customer. And with over 40 million investors, it appears Fidelity is succeeding.

Just the facts

• Costs
• $0 commission on online US equity trades, ETFs, and options ($0.65/contract fee)
• Zero account fees
• No fees for Fidelity Go accounts below $25,000 and 0.35% annually for account balances higher than $25,000
• Other fees dependent on products and investment amounts
• Minimum Deposit
• None on standard brokerage accounts
• No minimum in Fidelity Go robo-advisor, but you must have at least $10 to invest
• $1 on fractional shares
• $25,000 on Fidelity Go with a dedicated team of advisors
• $50,000 on Wealth Management with a team of advisors
• $500,000 on Wealth Management with a personal advisor
• $2 million on Private Wealth Management plus $10 million in investable assets

Equally suitable for beginners and traders with some level of skill

Fidelity's customer-centric approach has resulted in an incredibly simple user interface with all their trading platforms. There is a wealth of information and resources for account holders, which is great, but this can be overwhelming for a beginner. We suggest that any beginner who wants to get involved with Fidelity take advantage of Fidelity Learn, an online education hub that can teach you the basics. Fidelity takes financial literacy seriously, and they even have a program called Financial Forward that teaches financial literacy to underserved populations.

Three tiers of service offered

Fidelity stock trading platform offers a three-tiered service structure for active traders. You can choose which tier fits in with your budget and personal financial goals:

• Fidelity's Standard account includes $0 commission on US online stock trades, platforms for desktop/mobile/Active Trader Pro, international investing in 25 markets and 16 currencies, extended-hours trading, before and after marketing hours, and more. You will also get free, independent research from 20+ providers, customized alerts, 24/7 access to experienced investment consultants, and virtual group coaching sessions through their Trading Strategy Desk.
• For customers with a portfolio value of $250,000, or complex trading needs with 120 more ETF/stock/options trades within a year, you qualify for Fidelity's Active Trader services. This tier includes everything in the Standard account but adds expedited call routing, a dedicated support team and specialists, access to Fidelity's Block Desk for large orders, and several other features you'll find in the comparison chart on the Active Trading page.
• Clients with $1 million or more across all Fidelity accounts and 500+ trades in a 12-month period are eligible for Fidelity's Active Trader VIP program, which adds VIP access to secondary and follow-on offerings and priority access to a team of trading specialists.

Fidelity gives back to the community

Fidelity cares about its customers and their communities. Because of that, they are committed to partnering with nonprofits and local community-based groups that know best what their needs are. Fidelity teaches financial literacy and offers scholarships and programs for kids in high school. These scholarships also come with resources to ensure that kids have the tools they need to succeed in college. Fidelity also encourages their employees to volunteer.

Fidelity receives an "A+” rating from the BBB

Fidelity gets a perfect score at the Better Business Bureau. After serving millions of customers over the years, we see that there are relatively few complaints filed online. The several hundred complaints filed online seemed to be mostly regarding account closure mishaps and transfer issues. It is worth noting that Fidelity takes the time and effort to respond to each of these complaints. Their level of commitment to the customer is thoroughly impressive.

Amazing client loyalty and stellar customer service

While customer complaints are comparatively scarce, Fidelity also receives praise from its peers in the industry and from people who know about stock trading platforms. Customers continually mention Fidelity's commitment to excellent customer service as a reason they've been customers for 5, 6, 10, or more years. Fidelity gets unsolicited loyalty and praise from clients who have really tested them - one such reviewer opened five accounts with five separate brokers to see which one would be the best. This reviewer kept all five accounts for about a year. Ultimately, he decided to consolidate everything into Fidelity because of the incredible customer service, generous yields, and top-notch research tools. He ended his review with this thought: "They aren't the best at everything, but they're the best at the most important things.” We are pleased to give Fidelity's stock trading platform our highest rating.

Merrill Edge

• Merrill Edge MarketPro software for user-friendly trading
• Offers socially responsible investing portfolios
• Consistently offers sign-on incentives
• Automated trading features
• Preferred Rewards members get additional perks and discounts
• Fully integrated with Bank of America for easy consolidated financial management all in one place

Merrill Lynch was acquired by Bank of America in 2008. Begun in 1904, Bank of America is now a global financial leader. In 2010, Merrill Lynch launched Merrill Edge as its low-fee stock trading platform. It offers three different accounts - one self-directed account you build yourself, a guided account, and a guided account with an advisor.

Just the facts

• Costs
• $0 trade fees for stocks and ETFs in a self-directed account
• $29.95 for broker-assisted trades
• $0.65/contract on options
• Waives fees for online broker-assisted trades
• Minimum Deposit
• No minimum deposit on the self-directed plan
• $1,000 for growth-focused strategies guided investing plus an annual program fee
• $20,000 for growth-focused strategies or $50,000 for income-focused strategies on guided investing + Advisor plus annual program fee

Sign-on incentives often offered

Merrill Edge often offers sign-on incentives for first-time accounts. At the time of this review, new accounts making a qualifying investment within 45 days while maintaining the balance for at least 90 days could earn as much as $600 cash. Be on the lookout for these kinds of deals, and you could end up saving some money.

Merrill Edge and Bank of America make a great team

Being a part of the Bank of America family means Merrill Edge has the resources and power to create beautiful digital platforms, and the Merrill Edge websites and apps are some of the best out there. Being backed by Bank of America also results in some of the best research, education, and tools that money can buy, not to mention that if you're already banking with Bank of America, you can have all of your financial management integrated on one elegant platform.

Fee discounts if you are a Bank of America customer

Fee discounts? You'll qualify with an average 3-month combined balance of $20,000 in your Bank of America deposit and/or Merrill investment accounts, and then enroll in the Preferred Rewards Program. Depending on the amount in your account, you can qualify for the Gold, Platinum, Platinum Honors, or Diamond level of rewards. You will get discounted fees and more as you progress to each higher level.

Great value for self-guided accounts, but pricey for guided accounts

Industry-wide, the Merrill Edge stock trading platform is known for its low-fee, headache-free self-directed platform. It is one of the best values for your money out there, especially if you are already an account holder at Bank of America. The robo-advisor and hybrid platforms known as Merrill Guided are more pricey than other automated trading platforms we've reviewed, so they are not as valuable.

Great for beginners who also bank at BofA

Merrill Edge is a superior platform for those with an account at Bank of America who have some knowledge of trading and who will be using the self-directed account. The amazing low fees for the self-directed account along with the rewards in place for current Bank of America customers make it a great deal. In addition, the robust educational resources and user experience in Merrill Edge's online trading platform will be a pleasant one with a near-painless learning curve. Some reviewers say that with simple trading, they've never had to use the desktop but can take care of things using the mobile app, which is minimal and straightforward to use.

Limitations

Merrill Edge is not for advanced traders looking for cryptocurrency or foreign currency exchange. Also, it isn't a suitable fit for tax-loss harvesting. If you want to trade penny stocks, then you should go elsewhere, as Merrill Edge doesn't allow for many choices there. You can't buy fraction shares here, either, but you can turn on DRIP and have dividends reinvest themselves if you choose. Still, if experienced investors want to manage their investment portfolios and DIY their own trades and can get by without crypto or fractional shares or other missing features, they can save a lot of money and have a lot of flexibility using Merrill Edge.

Really great technical reviews, mixed customer reviews

Professionals in the industry give Merrill Edge overall pretty high marks. They are impressed with Merrill Edge's stock trading platform, the very low fee structure and transparent pricing, and the robust tools that can prevent you from ever having to make a phone call to customer service. That being said, many customers complain that having to get in contact with customer service can be an hours-long nightmare. In the mixed customer reviews, we have found that many customers really appreciate the seamless integration with Bank of America, and even those who've had to wait for customer service say they don't have much else to complain about. It is a rare event that you need to talk to someone over the phone because their system is so intuitive and reliable that everything can be done and resolved online. The only other complaint comes from clients trying to close their accounts, where they feel the process is cumbersome at best. At worst, customers feel like Merrill Edge is not willing to close the account easily. This complaint is not limited to Merrill Edge, however. We've found the exact same complaint for every other platform we've reviewed, so this may be an industry issue, not a company issue.

Strong record of customer engagement with an "A” rating at BBB

Merrill Edge has an "A” rating with the Better Business Bureau and actively engages with customer complaints. They have a high record of closed complaints, and considering their large customer base, the number of complaints is comparatively low.

Dependable software and customer engagement win the day

Merrill Edge has many compliments regarding the dependability of the mobile app and other platforms online. Merrill Edge's solutions for trading stock are elegant and somewhat minimal with regard to the mobile app. Overall, this platform has far fewer reports of glitches and lag that plague other platforms. Finally, when it comes to customer service, while it may take a long time to get a hold of them, they truly respond to and resolve complaints. For these reasons, plus the backing of Bank of America, Merrill Edge is one of our top picks as a stock trading platform.

Zacks Trade

• No extra charge on broker-assisted fees
• Free access to the Zack's Rank system from Zack's Investment Research
• Huge stock and EFT collection
• Margin rates start at 8.83% and trades from $1
• Includes subscriptions to over 20 research resources
• Live brokers and competent customer service
• Access to 91 international exchanges in 19 countries
• 24/7 trading

Zack's Trade has a main goal of giving active traders a broker that has abundant resources and tools available 24/7. They also want to make sure investors have access to great customer service. They currently offer low margin rates and a live customer service team. They also provide their customers with a robust collection of investment research publications. Zack's Trade is catering to independent thinkers who are ready to take risks based on research, so they offer cutting-edge tools and customer service that really delivers on these needs. They've been fighting for self-directed investors since 1973, when their founder, MIT student Len Zacks, published a highly influential paper that documented his investment approach of analyzing earnings estimate revisions to predict stock movement. Zack's Trade is targeting active traders who want great analysis resources.

Just the facts

• Costs
• $0.01/share or 1% of trade value (stocks/ETFs)
• $1 for first contract and $0.75/additional on options
• No extra charge on broker-assisted trades
• Inactivity fee at $15 per month for accounts under $25,000 with less than $15 in commission fees each month
• One free withdrawal per month, with additional withdrawals in the same month at $1 for an ACH, $4 for a check and $10 for a wire
• Minimum Deposit
• $250 required minimum initial deposit for new accounts

Free broker-assisted trades

Unlike almost every other online stock trading platform we reviewed, Zack's does not offer a no commissions pricing structure. However, this may be the only online stock trading platform that doesn't charge a fee for broker-assisted trading. Most other companies charge around $25 per transaction for that service.

Has a relationship with IBKR (Interactive Brokers)

We think it's worth pointing out that Zack's Trade is an introducing firm. Not sure what that means? This brokerage accepts your orders, but it passes them along to a carrying firm that will be the custodian of your securities account. Interactive Brokers is a pioneer in low-cost borrowing. Because of this relationship, Zack's Trade offers some of the lowest margin rates around. While many other brokers charge upward of 10% interest on the first borrowed dollar, Zack's Trade offers first borrowed dollar rates of 8.83%.

Three platforms, different skill levels

The entry point for less skilled users is the Client Portal. Placing and managing simple trades is a pretty intuitive process and not overwhelming. You can also check your account balances and documents there as well. In addition, you can update and manage your account settings, subscriptions, and special permissions here. If you're comfortable with the Client Portal and ready to trade stocks on the go, The Zack's Trade app lets you enter and manage orders, view executions, monitor your portfolio and account balances, and much more, all from your mobile device. Finally, for the more seasoned trader, Zack's Trade Pro is their flagship platform, where you can customize the interface and access all of the research and analytics you need - there are a lot of bells and whistles, and the customization is cool.

The most comprehensive research

Zack's was founded on the back of a research paper, so it's not a surprise that Zack's stock trading platform is strong on research. In fact, Zack's may have the most comprehensive research out there. Zack's includes a robust list of free news services and research services. Investors may also sign up for nearly 100 additional services that offer free trials. Zack's accounts also include one of the best research sources in the industry, Zack's Investment Research.

Great reputation and solid reviews

Client feedback is hard to find, but when it is found, it is almost always positive. Zack's has a reputation for customers getting to talk to real people, and they are true to that. People are pleased with the customer service, and having no broker-assisted trade fees is another amazing benefit. Industry experts have favorable things to say about Zack's Trade and give it good scores. Active traders for whom research is a top priority will like Zack's. Zack's offers probably the highest quality research out there. Most stock trading platforms will offer one research resource, like Morningstar. Zack's offers Morningstar, Seeking Alpha, The Motley Fool, and Thomson Reuters, and most of them are free. Reviewers are really impressed with Zack's Trade Pro Platform, and it has the tools needed for advanced traders. We recommend checking out Zack's Trade if you're ready for DIY stock trading.

Sogo Trade

• Geared towards active stock traders with some level of experience
• Get Paid to Trade program offers small rebates for investors
• Access to a variety of stock market research and trading tools
• Exceptional one-on-one support online via email or by telephone
• Up to $100 in ACAT fee reimbursement when you transfer a qualified account
• Support and technology are available in English and Chinese

Founded in 1986, SogoTrade serves independent, self-directed investors. In the beginning, the company wanted to succeed by offering lower fees than anyone else in the industry. When Robinhood came into the picture and disrupted that model by offering a no-fee service, SogoTrade was left without an edge. They decided to focus more on the customer, and they've done a great job being there for clients through their enhanced customer service offerings. SogoTrade believes that the client truly is their greatest asset. Billed as a "self-directed” platform, if you need extra help, they do have advisors who can assist you through their Power Portfolios or SogoTrade Asset Management program.

Just the facts

• Costs
• $0 on orders of 100 shares or greater ($2.88 commission otherwise)
• Contract fee of $0.50 on options
• $1 cash back per 1,000 shares on qualified limit orders
• $25 broker-assisted commission
• Minimum Deposit
• None on most accounts

Great customer service - and it's bilingual

One standout we noticed right away is that SogoTrade is dedicated to customer service. There are many options to reach them by phone - they have a dedicated New York line, a midwest line, and a nationwide line. They also have a nationwide dedicated Chinese language line. Users report waiting an average of 1-2 minutes before being connected with a customer service representative. This really sets SogoTrade apart from other comparable stock trading platforms. Customer service via phone is not available 24/7, but clients can hit the live chat after hours. The phones are available Monday through Friday from 7 am to 8 pm ET.

Non-integrated platforms

One thing that is difficult to get around is the fact that SogoTrade has five different web-based platforms, including an app and a web browser-based tool. They all have a different function, so at first it's like going on a scavenger hunt to find out which platform should be used for what function. For example, if you want to trade crypto, you have to create a separate bank account from your SogoTrade account, but if you want to find basic options, you need to use SogoOnline. And for certain basic trading, you can use the app. It takes a little effort to get used to the way things work with the different platforms, but once you do, it becomes very intuitive.

SogoTrade Asset Management offers advisory services

While SogoTrade's portfolio analysis tools are limited, you can work with SogoTrade Asset Management if you need advisory services. A SogoTrade Asset Management advisor will help you in setting financial goals, making a plan, and building a portfolio. In keeping with their commitment to the customer, they make a promise not to be intrusive, obnoxious, or sell you something you don't need. They also make a commitment to provide you with personal guidance when it makes sense to do so.

Trading on a mobile device is easy

SogoTrade's mobile app is very simple and straightforward. There are tabs at the bottom of every screen that can easily take you to where you want to go. You can begin trading in two clicks.

SogoTrade gets an "A+” from the BBB

We were pleased to see that SogoTrade has an "A+” rating from the Better Business Bureau and absolutely no complaints there. In the world of stock trading, this is a pretty impressive feat. One review site showed that 85% of reviewers would recommend SogoTrade to a friend, and that's pretty impressive.

Decent choice for active traders

SogoTrade is geared toward the self-directed investor. Five different platforms and a slightly complicated pricing structure might not sit well with newbies who are not well-versed in trading. and we wouldn't recommend it to first-time clients. That being said, SogoTrade's dedication to the customer shows through its great customer service. We are pleased to give SogoTrade a strong rating here.

Ally Invest

• High interest rates for cash reserves
• Great for beginners
• In business for over 100 years
• Fully integrated mobile app
• 24/7 highly rated customer service
• Robo-advisor can trade and rebalance stocks for you

Ally is a Top 25 U.S. financial holding company and is in the business of helping inexperienced investors start a positive journey into the world of stock trading. The company is over 100 years old, and its trading platform is pretty positively reviewed online. Ally lives up to its mission of trying to make things smarter and simpler through technology with their integrated mobile app.

Just the facts

• Costs
• Commission-free trading on eligible U.S. stocks and ETFs
• Wide selection of commission-free ETFs from market leaders such as Vanguard, GlobalX, iShares, and more-including a selection of socially responsible funds
• $0 commissions + 50¢ per contract fee on options
• Minimum Deposit
• $0 to start with self-directed investments
• $100 minimum to start in robo-advisor automated investments
• $100,000 minimum for wealth management investments

Targeted toward beginning investors

Ally Invest's stock trading platform is targeted toward inexperienced investors. Whether you want help in investing or feel like plunging in and doing it yourself, or maybe you've just received a large inheritance but don't know how to invest it, Ally wants newbies of all budgets and experience levels to feel comfortable. With simple explanations and a non-cluttered website, this platform doesn't want beginners to be overwhelmed. They also include an education section, which contains informative articles about the basics of investing for those who have no previous knowledge about stocks.

Three stock trading plans to choose from

Ally Invest offers three different stock trading plans to choose from: automated, self-directed, and the personal advice plan for those with a $100,000 minimum to commit. Each plan has different advantages, and Ally does a good job of keeping it simple when explaining the benefits and features of each plan.

Wealth management starts with a scheduled phone call

For the Personal Advice plan, those who are interested will need a minimum of $100,000 and will have to log in to schedule a call, which requires creating a profile and account. This is excellent if you already bank with Ally, but seems somewhat off-putting if you are not a current client. After you've scheduled a call, you will then talk to an advisor for a consultation. You will set goals and look at portfolio strategies catered to your needs. From those conversations, Ally Invest will create a personalized financial plan and review it. Finally, your advisor will open your account, and you'll get started.

Ally Invest offers an automated robo-advisor plan

For those who have no interest in or time to devote to researching and learning about stock investment, Ally offers an automated robo account. This account will be customized for you but monitored by Ally's robo-advisor. You can invest with an expertly built portfolio, and it only costs $100 minimum to begin. You can choose from a conservative cash-enhanced portfolio where 30% of your cash is set aside as a buffer or a more risky market-focused portfolio that will invest all but 2% of your cash. Both portfolios offer a comparatively high interest rate of 4% on the cash holdings, credited monthly. The cash-enhanced account has no advisory fees, while the market-focused has an advisory fee of 0.30%, charged monthly. They also offer fee-free, automated rebalancing and 24/7 access to your portfolio.

Flexible self-directed trading plan

Ally Invest's stock trading platform offers a flexible self-directed trading plan with a $0 minimum. They also provide a $75 credit to customers who transfer individual investments, cash, or entire accounts via initial ACAT from another firm. This covers any possible transfer fees when you complete an online account transfer of $2,500 or more. They also offer TipRanks Smart Score and analysis as a way to assess and analyze stocks.

All in one mobile app, slightly outdated website

Instead of having a separate app for stock trading, Ally has an app that works for all the company's accounts and activities. Checking, savings, credit cards, and your brokerage accounts are all conveniently in one place. This is a really great feature for those who already bank with Ally and want to keep everything in one place. The app has a great user interface - it's easy to deposit checks, check account balances and transfers, check tax forms, and find ATMs all in the same place that you manage your investments. You can analyze, check the latest market news, and check your portfolio anytime. It's not as robust as the trading platform, but it's still a useful tool. Reviewers noted that overall, Ally's website is slightly outdated but still functional and pretty simple to navigate.

24/7 Customer support

Brokers are available 24/7 via phone or chat, and they will quickly route you to the right representative. You can also email for help. There isn't an option to go into a physical bank location, though.

No allowance for contingent orders and other caveats

Ally Invest's stock trading platforms do not offer any way to place contingent orders. There is also no way to trade fractional shares, and Ally does not offer trading in cryptocurrency, futures, or forex.

Mixed reviews

Ally Invest's stock trading platform generally ranks above average with reviewers, rating especially high in customer service and affordability. It also gets positive reviews regarding its cash management options and the fact that you can have an integrated financial platform. However, it gets terrible reviews as a bank and loan institution, so even though it offers integration, it might not be ideal if the customer service you're getting on the banking side of your finances isn't great. Ally Invest is really designed with beginners in mind, so if you're an experienced investor, this stock trading platform would probably not be a good fit. However, we can't ignore the high interest rate on cash holdings, so we gave Ally Invest a slightly above average rating.

Charles Schwab

• Trade with the award-winning Thinkorswim software, available on all platforms
• Schwab app
• Over 400 physical locations in the US
• Robo-advisor can trade for you
• Fractional shares as low as $5
• No minimums
• Satisfaction and security guarantee
• Plans available for every experience level

Charles Schwab is one of the most well-known and largest discount brokerages in the world. Started over 50 years ago, it quickly became known as the place for quick trading and low fees. Charles Schwab provides customers with full service, focusing on low cost and convenience. It has more than 400 physical branches in the United States. Charles Schwab's stock trading platform has $8.56 trillion in client assets and offers a robust learning library for investors of any experience level. They also have software known as Thinkorswim, which uses cutting-edge technology and is available on desktops, laptops, tablets, and mobile devices.

Just the facts

• Costs
• $0 online listed stock and ETF commissions ($0.65 per contract on options)
• Service charges apply for trades placed through a broker ($25) or by automated phone ($5)
• Minimum Deposit
• $0 on self-directed accounts
• $5,000 for automated phone trades
• $250,000 for dedicated financial consultant

Friendly to advanced traders while welcoming beginners

Charles Schwab is one of the best-known stock trading platforms and has been around the block a few times. With over 50 years of history, they have many seasoned traders as clients. As a result, the platform caters to those with some experience in stock trading, but they welcome new clients with open arms and a lot of educational resources.

Different plans for different levels of experience

Charles Schwab believes in having the individual in mind, and that shows with their great plans, offering some of the lowest fees (or none at all) in the industry. These plans also fit almost every lifestyle. The four plans offered are:

• Self-directed investing
• Active trading
• Automated investing
• Wealth and investment management solutions

Offers online coaching for beginners

If you are just getting into stock trading, the Charles Schwab stock trading platform offers over 30 live, interactive webcasts and virtual workshops each week, led by Schwab Education Coaches. There are also in-person events held all over the United States where you can network and grow your stock trading knowledge base.

Fractional shares available for trading

Many stock trading platforms do not offer fractional shares on S&P 500 stocks, but Charles Schwab does. So, if you want to own a piece of Netflix or Home Depot but don't have the money for a full share, you can check out the "Stock Slices” program and buy anywhere from 1 to 30 slices for a minimum of $5 each.

Somewhat silly autotrading phone fee

While we were impressed with Charles Schwab's low fees, it was a surprise to us that this stock trading company would charge $5 for automated phone trades. It feels like an outdated practice targeted at older people. This is not a generous look for a company that prides itself on low fees.

A user-friendly interface and lots of educational opportunities

If you are interested in active trading, Charles Schwab offers educational workshops and tutorials for the newbie. One of the nicest advantages of trading with Charles Schwab is access to the award-winning trading software, Thinkorswim, which they acquired from AmeriTrade in 2020. Thinkorswim is a three-in-one platform available on desktop, mobile, or web - all streamlined to operate optimally in different environments. Thinkorswim includes a large library of charting and analysis, plus built-in insights with a Learning Center in-platform, so you don't have to take your eyes off trading while learning. But by far the best part of the software is Schwab's dedication to listening to customer feedback. Many innovations have already been made based on this feedback, and the developers actively sort through comments, platform analytics, phone calls, and social media to prioritize updates. They also have a Schwab platform and app. You can really decide which interface aligns better with your own goals - and flexibility is nice in a platform.

$5k gets you autotrading capabilities

Charles Schwab offers the Schwab Intelligent Portfolio, with a minimum investment of $5,000. This portfolio uses AI to trade for you. The process is pretty easy - first you complete a short questionnaire to explain your goals, risk tolerance, and timeline, and then you get a diversified portfolio of ETFs chosen by industry experts. Finally, the robo-advisor will monitor your portfolio daily and automatically rebalance as needed. Remember that just as if you'd done the trading on your own, you will pay the operating expenses on the ETFs in your portfolio.

$500,000 minimum investment for fully-managed accounts

Charles Schwab offers a dedicated advisor backed by an experienced team with the Schwab Wealth Advisory™ account. This is a completely personalized approach that starts with your individual goals and takes into account a strategy that adapts to life changes. This comes with a satisfaction guarantee. If for any reason you are not completely satisfied, you can get refunded on your fees or commissions.

Suffering growing pains with customer service and Thinkorswim

While many experts give Charles Schwab overall positive, high ratings, some regular customers have pretty negative reviews. Many of the reviews are disgruntled AmeriTrade customers upset with the merging of the two companies who only stayed on with Charles Schwab because they didn't want to learn a new trading interface. Some express frustration with slow-to-respond customer service and technical glitches that are not addressed in a timely fashion. Time is literally money in the world of stock trading, so it's obviously distressing if you can't get glitches ironed out with customer service in a quick and efficient way. One reviewer said they lost $2,000 during an extended software outage at Schwab.

Just barely above average

It appears the merging of TD AmeriTrade's Thinkorswim and Schwab has not gone as smoothly as anyone would like, and Schwab may be experiencing some growing pains. For these reasons, we don't feel comfortable giving Charles Schwab's stock trading platform anything more than a slightly above average rating at this time.

Firstrade

• Excellent support for Chinese speakers (and Cantonese)
• Easy-to-use app
• Fractional shares are available for 4,000 stocks/ETFs, and the minimum trade size is only $5
• Morningstar stock reports (weekly) and investment screeners
• Firstrade GPT available to help with research
• 0.1-second trade execution guarantee
• Extended hours trading from 8am-8pm ET
• The majority of Firstrade clients belong to a top-tier financial authority

Firstrade started in Flushing, New York, in 1985, and over the years, major industry publications have consistently rated it one of the best online stock brokers. It has also been awarded for the ease of use of its website. It is a bilingual platform, and the website is available in Mandarin, both simplified and traditional, and English. Firstrade is all about the bottom line - they exist to offer you the lowest prices while still maintaining quality.

Just the facts

• Costs
• $0 for all online trades
• $19.95 for broker-assisted trades (plus $0.50/contract on options)
• $0 for mutual fund trades
• Minimum Deposit
• None

Special offers for opening a new account

Firstrade consistently offers discounts or perks for first-time account holders. At the time of this review, new account holders could receive up to $250 in transfer fee rebates by consolidating investment accounts in Firstrade.

Firstrade GPT

Firstrade GPT has recently been released, and the company is celebrating by giving customers temporary unlimited access to this feature. FirstradeGPT gives you AI-driven insights, offering in-depth stock analysis and data visualization to enhance your investment strategy. Firstrade's stock trading platform describes it as having a financial research analyst in your pocket, ready to help you make informed decisions. Unlike many AI tools out there, FirstradeGPT is also able to provide robust supporting materials such as charts, sources, and screening materials.

A great option for Mandarin or Cantonese speakers

Founded in Flushing, NY, in 1985, Firstrade is pleased to offer customer service in Mandarin and Cantonese as well as English. Native Chinese speakers will be drawn to Firstrade's platform, which is available in both traditional and simplified Chinese.

Very easy to open an account

Unlike other stock trading platforms, opening an account with Firstrade is very simple. It is a fully digital, simple process. It has been reported that at times it can take 3 days for account approval, but at its slowest, it is still faster than other stock trading platforms we've reviewed.

Deposit limitations

While there is no deposit fee and Firstrade can accept money via ACH transfer, wire transfer, check, or asset transfer, you cannot use debit cards or digital wallets. If you have foreign currency, you will be charged a conversion fee. You will also be charged a very high wire transfer fee, and ACH may take days to post.

Customer service can be hit or miss

Like other stock trading platforms, customer reviews for Firstrade are mixed. However, unlike most stock trading platforms, Firstrade is truly bilingual. Chinese speakers and readers will feel comfortable on this platform. Some reviewers say customer service is amazing and responds within 1-2 minutes, while others say it took a long time. Customer service is not available 24/7, either. While the BBB gives them a "D” rating (a better rating than previously), we do see that Firstrade is being very diligent in resolving complaints, most of which are due to regulatory factors or a client not understanding the withdrawal or account closure process, which is an across the board complaint for all stock trading platforms. We are pleased to see that Firstrade has become more responsive and we've noticed the number of complaints trending downward overall.

Great if you want to save money

Firstrade is probably one of the cheapest online stock trading platforms. You likely won't find a cheaper place to trade in this format. With user-friendly software, Firstrade GPT, and its bilingual website and services, it's value for the money. For all the things we found as a negative, there were also a lot of positives, so we feel that Firstrade is slightly above average as a stock trading platform.

TradeStation

• Great tools for advanced traders
• Promotions are consistently offered for new account holders
• Improved customer service
• Multiple awards, both recently and going back to 2016
• High customization for users of the software
• Support forum

TradeStation began in 1982, focused on developing and implementing next-generation trading tools. They started out offering charting services and direct connections to brokers. They didn't release their award-winning platform until 1999. This platform has many highly customizable tools, including charts and data feeds for advanced traders. Traders can even backtest their strategies to see if they might have a potential yield. Although it's trying to expand its customer base, it is still really best for high-volume trading. TradeStation has won awards from Stocks & Commodities, Investor's Business Daily, Barron's, and other noteworthy industry publications over the 40+ years they've been in business.

Just the facts

• Costs
• $0 commission on equities, equity options, and futures trades
• $0.60/contract on options
• $1.50/contract per side on futures and futures options
• $0.50/contract on micro futures
• Minimum Deposit
• None

Old-fashioned fee structure

While TradeStation's tools may be cutting-edge and advanced, its fee structure isn't. TradeStation is one of the very few companies that is still charging for inactivity fees, for example. It is also more expensive, charging higher fees than its competitors.

Improved customer service, listens to feedback

We were really impressed with the number of recent positive reviews we found regarding TradeStation. Customers say that support personnel are phenomenal. The live chat, instead of being a very unhelpful bot, is staffed by real people, and reviewers say that it is super fast and accurate. This is an improvement from our last review.

Sophisticated system

Nowhere is the good customer service more apparent than with helping users learn a very sophisticated system. People who used to use TradeStation years ago have come back because of all the resources the company offers and improvements that have been made. They talk about how powerful the trading platform is - compared to other platforms of competitors, customers say things like "TradeStation is just at another level." Other customers say that the platform and mobile app have "revolutionized” their trading experience.

Needs more education materials

TradeStation has been trying to attract beginning investors, but without more educational materials, it will end up being frustrating for newbies. The sophisticated software and robust customization features and other things that make TradeStation worth looking at will be lost to inexperienced traders. We are pretty disappointed with the lack of educational resources that would help newbies become loyal investors on this stock trading platform.

Good but leaves room for improvement

We're pleased that TradeStation has improved its customer service and offers consistent promotions to new customers, and we love the level of sophisticated resources the platform has to offer. We aren't thrilled with the high fees and the outdated way they charge customers for inactivity. We see that they are reaching out to attract less experienced investors, but that takes more than lip service. They will need to update their educational resources to truly capture that market without causing people frustration. Taking everything together, we feel that TradeStation's pluses and minuses balance each other out for an overall average rating.

E*Trade

• Bonuses at sign-up
• Owned by financial giant Morgan Stanley
• Volume discount on options contract fees
• Robust trading platforms
• Educational materials

No matter how much knowledge you have about stock trading, E Trade is all about simplifying all of your investment and trading - with an app that puts investing, banking, trading, research, and so much more right in your hand. Created in the early 1980s by a physicist and inventor, E Trade is truly the original online trading platform for retail investors - its creator was the first person in history to complete an online transaction sent to a stock exchange. This online trading platform was acquired by Morgan Stanley in October 2020.

Just the facts

• Costs
• $0 commissions on online US-listed stock, ETF, and options trades
• $0.65 per contract on options ($0.50 with 30+ trades/quarter)
• $0 for mutual funds transactions
• Minimum Deposit
• No minimum deposit required

Bonuses for signing up

At the time of our review, E Trade was offering a sign-up bonus of $50 to $6,000 (depending on your investment amount) for new E Trade clients who would open one new eligible brokerage (non-retirement) account and funded within 60 days of account opening with $1,000 or more of new funds or securities. If you decide to go with E Trade, make sure you look for special offers, which should be displayed on the top of the page.

Nice tools available on signing up

E Trade is as old as the internet - and they've had time to get it right. Their platforms have been rated Best Trading Technology by Benzinga's 2023 Global Fintech Awards and have tools to help investors and traders of any experience level. For active and more advanced traders, the Power E Trade web and app platforms can be used anywhere and will allow you to be able to trade a wide range of securities. Frequent traders can also earn discounts on option commissions. For the beginner, there is the basic version of the E Trade web and app, ideal for trading and tracking the markets, looking at research, increasing your knowledge, and giving you inspiration and ideas.

Offers an automated trading account

E Trade, like other stock trading platforms, offers automated accounts for those who would prefer not to spend a lot of time on learning about investments and stocks. Their Core Portfolios are monitored and managed for a low annual advisory fee of 0.30% and a $500 minimum. Signing up for the Core Portfolio is an 11-step process that includes a risk assessment to determine your investing risk tolerance. Once you answer the questionnaire, you will get your results, which will show you which plan best fits your risk tolerance. You then customize it based on your personal financial goals, and you get to use projection tools to explore how your portfolio might perform under different sets of circumstances. In the end, E Trade promises you a fully customized, automated portfolio.

Gets an "F” from the Better Business Bureau

E Trade has received a failing BBB rating for not responding to hundreds of customer complaints and for not resolving still other complaints. While they get high scores for their software, there have been complaints that since being absorbed into Morgan Stanley, the software has glitches and freezes - and in a business where time is money, this isn't really acceptable. Most recent complaints and comments online refer to lagging on the app and website, problems withdrawing money from E Trade, and overall problems with the app crashing. With a company as large as Morgan Stanley, this borders on ridiculous.

Customers get hit-and-miss service

Many customers say that they cannot transfer money out or close their E Trade accounts without a headache. Other people complain of it taking months for E Trade to approve and open an account for them. There are times when some customers had to wait on hold for over an hour. Customers also complain of being locked out of their accounts for days, while still others say that since Morgan Stanley acquired it, E Trade's customer service reps have lost important customer documents, showed complete incompetence and lack of understanding of the stock trading platform, and don't respond to urgent requests for help.

Look for a different platform with reliability

E Trade has been around for a long time and was once a trustworthy stock trading platform that really had done a fantastic job appealing to every kind of investor. Unfortunately, being competent and being trustworthy are two different things. While customers who choose to spend extra on the Power E Trade web and app platforms do report less glitchy service, they still have problems. The basic users have multiple, consistent problems with the platform that cost them money and time. When these glitches and crashes happen, customer service is sluggish at best and, at worst, unavailable. Even more disturbing is the lack of quality control on the account closing or money withdrawing experiences. Another company seems to have fallen victim to acquisition pains. We wouldn't feel comfortable giving E Trade a high rating as a stock trading platform.

SpeedTrader

• Designed specifically for day traders
• Free broker-assisted trades
• Offers both U.S. and international accounts
• Trading is available from 4 a.m. to 8 p.m.
• Enables direct online trades of stocks and options with no middleman for speedy transactions
• Free demo account plus a 14-day free trial of the pro software

SpeedTrader offers several trading platforms specifically designed for advanced, active day traders. Since 1999, SpeedTrader has focused its efforts in developing trading platforms on a tiered level of service. The trading software is from DAS Inc., a direct-access broker. This is SpeedTrader's niche - the software allows users to trade directly with the market, leading to super fast ordering. SpeedTrader offers over 25 routing options to give active traders an edge. The company also focuses heavily on delivering good customer service.

Just the facts

• Costs
• Starting at $2.49/trade on Stocks and ETFs (minimum 3,000 per month)
• Starting at $0.25/contract on options (minimum at least $10,000 per month)
• Free broker-assisted trades
• Minimum Deposit
• $2,500 for United States accounts
• $30,000 minimum for non-US accounts

14-day free trial of SpeedTrader Pro

SpeedTrader offers a 14-day free trial of its premier platform, SpeedTrader Pro. Even if you aren't interested in going pro and using the Active version of the platform, you will get a feel for how SpeedTrader operates. You can try out all of the platform's features, like simulating trades, analyzing Level 2 screens, and so much more. No credit card information is required, so it makes it a fairly risk-free experience.

Make at least 15 trades each quarter

You'll definitely not want to fund your SpeedTrader account and then let it sit - if you don't execute 15 trades in a quarter, you will be charged a $30 inactivity fee.

Tiered software with prices based on commissions and minimums

SpeedTrader offers SpeedTrader PRO, SpeedTrader ActiveWeb, SpeedTrader Mobile, and Sterling Trader Pro. Here is a rundown:

• SpeedTrader PRO is free with $499+ monthly commissions, $49 per month with $199+ monthly commissions, and $99 per month with less than $199 monthly commissions. It requires $10,000 initial funding and gives you extensive short lists, hot key trading, extensive short lists and multiple direct access ECNs, as well as advanced charts and multi-account access. This is a software-based program (downloadable) with a free mobile app. Trade is from 4 am to 8 pm ET.
• Speed Trader Active Web is free with $199+ monthly commissions, or $35 per month with less than $199 monthly commissions. It gives you everything that Pro offers except for hot key trading, advanced charts, and the ability to download it (it's a web-based program). It requires a $2,500 initial minimum.
• SpeedTrader Mobile is free with $199+ monthly commissions and $35 per month with less than $199 monthly commissions. It can only work on mobile devices and will not give you hot key trading, software to download, or advanced charts. It requires $2,500 initial minimum funding.

Beginners are not invited

SpeedTrader caters specifically to day traders and has little to no interest in beginners. SpeedTrader would most likely be a nightmare for beginning investors or those who only trade as an on-and-off hobby. Since SpeedTrade specifically wants active day traders, their educational resources are thin and not geared toward people who are new to the world of trading. There are better stock trading platforms for beginners out there.

Fines from FINRA

Recently, SpeedTrader agreed to pay over $100,000 in fines to FINRA. FINRA records show a number of fines related to trading and orders, and it dates back several years. The violations and problems are very numerous and were consistent for over 5 years. SpeedTrader has agreed to the fine and has neither denied nor affirmed the alleged violations. They also agreed to hire someone to supervise certain aspects of controls and procedures in the company.

Good customer service

SpeedTrader customer service is simple to reach and relatively friendly. Options for contact include chat, phone, and email. Calls and chats are responded to promptly and comprehensively by live representatives between 8 am and 5 pm ET, Monday through Thursday, and 8 am to 4:30 pm on Fridays.

For advanced traders only, but overpriced, tepid software

We were surprised to find that this relatively expensive software that SpeedTrader offers isn't exactly as sophisticated as we expected it to be for the advanced and active day trader. We wish SpeedTrader would add more research and a little more sophistication to its software, since they are so focused on advanced skill level traders. SpeedTrader is definitely not for inexperienced investors, long-term buy-and-hold clients, or anyone who places value on research analysis for trading. We weren't impressed, and that's reflected in SpeedTrader's rating here.

Robinhood

• Sherwood Snacks daily financial trading news for newbies
• Offers a no-fee Robinhood credit card with rewards
• Premium services offered at $5 per month
• Over 22 million users
• Fractional shares and crypto are available
• Under the Hood weekly podcast hosted by the CEO
• 24/7 chat support, phone support available 7 am to 9 pm ET

Robinhood's stock trading platform is dedicated to democratizing finance for everyone. When they first officially launched in April of 2013, they disrupted the entire industry by offering an app that would allow for trading with no commissions or minimum account balances. In the U.S., people can invest with no account minimums through Robinhood Financial LLC, a registered broker dealer (member SIPC), buy and sell crypto through Robinhood Crypto, LLC, spend and earn rewards through debit cards with Robinhood Money, LLC and credit cards with Robinhood Credit, Inc., trade US stocks without commission or FX fees in the UK through Robinhood U.K. Ltd., trade crypto in select jurisdictions in the European Union through Robinhood Europe, UAB, and can learn more about trading through Robinhood Learn. That's a lot to take in, but the short version is: Robinhood just about does it all.

Just the facts

• Costs
• ○ Commission-free on stocks, options, and ETFs
• Minimum Deposit
• $1

Robinhood is controversial

The founders of Robinhood have always been very transparent about their mission: to make trading accessible to everyone, not just the wealthy. When they decided to launch an app that had no commissions, it upset the big players in stock trading, ruffling a lot of feathers. Robinhood has been innovative in an industry that is very traditional. Not only that, they in effect threw down the gauntlet and hit the ground running. They intended to make the stock market accessible to millennials who had not yet generated a lot of wealth and who were completely ignorant of the world of financial markets. They even intended to make the whole experience, in their own words, "addictive." They succeeded. Industry professionals have complained since its inception about the "gamified” quality of Robinhood, the "dumbed-down” media arm of Robinhood, aptly named "Sherwood Media,” and they are generally extremely critical of this popular platform.

Controversy, fines and litigation

It's not surprising that with this controversial and unabashedly innovative approach to stock trading, there would be problems. Most recently, Robinhood agreed to change its "gamified” features on its app and pay a $7.5 million fine to settle charges with the Massachusetts Secretary of State Securities Division for violating the Massachusetts Uniform Securities Act. Previously, Robinhood was in hot water with FINRA for various violations that led to the largest fine in FINRA history - to the tune of $70 million. The settlement had critics in an uproar, but it also represented growth for the company, and it became a publicly traded company in July 2021, shortly after things were settled with FINRA. Unfortunately, since then it has been a pretty abysmal investment.

Younger, inexperienced investors like the platform

Robinhood's average age of investor is 32 years old, and they are happy with that - their mission is to reach millennials and younger people who'd like to invest but don't have accumulated wealth. The platform is simple to use and often irreverent, which appeals to the younger crowd. The weekly newsletter is geared toward younger people, too. That being said, with inexperience can come extreme reactions to success or failure. Sadly, one 22-year-old investor committed suicide after Robinhood mistakenly reported huge losses on his app. In reality, there were no huge losses, but it didn't stop the young man from believing he was financially ruined. In his suicide note, he blamed Robinhood for not warning him of the risks he was taking. Trading is inherently risky, but Robinhood's swashbuckling attitude takes the risk to another level. They do offer a premium service level, Robinhood Gold, priced at $5 a month, which includes NASDAQ Level II data and analyst reports from Morningstar, which might help an investor become more savvy.

Beautiful platform and mid-level customer service

We have to leave it to the Stanford graduates who created this controversial app-based platform - it is a beautiful piece of work, and most things can be done online and resolved before needing to talk to customer service. Robinhood offers 24/7 chat support and business hours support for phone customer service. Reports are mixed, with some customers saying they've had a delightful experience with customer service and their problems were readily resolved. Others have the opposite experience.

Gets industry criticism for good reason

Many innovators face scorn and ridicule from the establishment, but in this case, the industry's criticisms of Robinhood are somewhat justified. With the recent ruling against Robinhood's "gamified” approach to their app, past litigation, and numerous fines for legitimate problems, Robinhood seems to need more time to go from swashbuckling outlaw to law-abiding trendsetter. There is a lot of potential with this company, and we love the idea of making stock trading a more level playing field, where the divide between rich and everyone else is lessened or removed completely. We are pleased that Robinhood's mission forced the market to offer better deals and lower fees to their customers overall, but we'd like to see Robinhood make a track record of innovation with integrity before we can truly recommend it. For this reason, we give Robinhood stock trading platform one of our lowest ratings, with hopes that it will improve in the future as it matures.

Webull

• Plenty of sign-on offers
• Zero commission (but fees may apply)
• Free real-time quotes (by NASDAQ Last Day)
• Multi-platform accessibility
• Full extended hours trading
• Accessible through its mobile app, desktop, and website

Webull's stock trading platform is focused on self-directed investors who want a simple and cheap way to trade stocks. They offer an app, a website-based platform, and a desktop platform. As a financial company driven by technology, they offer an all-in-one self-directed investment platform with a good user experience. They are seen in the industry as a rival to Robinhood, which we have also reviewed.

Just the facts

• Costs
• $0 commision
• Minimum Deposit
• None

Energetic website in which popups abound

Webull's website is colorful and busy - and full of popups. Browsing the website is an exercise in the fine line between an informative popup window and an annoyance. Weibull crossed that line with their reminders of all the many bonuses you can take advantage of when signing up as a first-time account holder. We love a good deal, but Webull takes it too far. We felt like visiting the website put us on a one-sided crush where Webull was vying somewhat desperately for our attention. It can be a turn-off before a visitor even learns about the company. They have a promotions tab that highlights all their current "deals,” making it feel more like a carnival than a stock trading platform.

Deceptive and misleading

Webull is deceptive and misleading right from the get-go by not disclosing who they really are. Their "our story” page is nothing but a whole lot of copy and sound bites but never mentions their actual story. They were founded in 2016-17 in St. Petersburg, Florida, by Wang Anquani and are actually owned by Hunan Fumi Information Technology, a Chinese holding company. In an industry where dishonesty can make or break a company, we would expect Webull to be more transparent. A simple explanation of their history and an authentic story would have been so much more appreciated.

Customer data can make its way to China

Webull, through the Hunan Fumi Information Technology Company, has ties with telecom giant Xiaomi, which has been known to support the Chinese government's efforts to get surveillance on its own citizens. Webull has offices and employees - including FINRA "registered representatives” and technologists - in China. When a customer signs up for Webull, the customer gives sensitive personal and financial data to the company that collects and holds this information. There is no way that the SEC and FINRA can guarantee that Webull is complying with SEC and FINRA regulations in China. Chinese law generally requires Chinese companies to provide whatever data and information the government demands, which may leave American customers at risk for their personal information leaking to the Chinese government.

Free shares and other offers

Webull has many account options. You can choose to set up your account either as an IRA (traditional, Roth, or rollover) or as an individual brokerage account. Their available investment products include stocks, fractional shares, options, ETFs, OTC, and ADRs - and there's plenty of information on each one if anything is new to you. There were several promotions available at the time of this review:

• Get 20 free fractional shares by depositing $500 to $1,999.99 and maintaining for 30 days. Get 40 free fractional shares by depositing $2,000 or more and maintaining for 30 days.
• Transfer to Webull and claim a 2.0% cash bonus PLUS up to 6.25% APY.
• Transfer your IRA to Webull and get a 3.5% match on transfers and new contributions.
• Deposit $500 and trade your first 50 contracts (to be traded within the initial 3 months) commission-free and receive 3 Months of FREE CME Group Level 2 Market Data.
• New registrants receive 1-month of complimentary Level 2 Quotes (NASDAQ TotalView) access.

Try before you commit

Webull allows you to preview their Webtrade software online before you commit to opening an account. If you click on "Webtrade,” you will be able to go through a quick tutorial that shows you the features of the platform. The platform is pretty and not overwhelming. Once you sign up for an account, you can download Webtrade to your desktop so you can access it anytime.

Free education resources

Webull Learn allows anyone to learn more about stock trading and finances. You can take a free online course on Options Basics, improve your understanding of financial vocabulary, or make sure you're clear on how stock splits and dividends work.

Forward in tech, but not in a good way

Webull has recently been slapped with a $3 million fine by FINRA for, ironically, too much tech. The fine alleges that Webull used an automated program when approving people for options trading. Unfortunately, the program approved customers that did not meet eligibility criteria to do so. For example, three years of options trading experience were required prior to approving customer applications for options trading, but 9,000 accounts with no prior investment experience were approved for options trading, and 2,500 customers under 21 years old were approved to trade option spreads. In addition, FINRA separately alleged that Webull attempted to automate its customer service between May 2018 and December 2021. The automated system was an absolute failure. unable to keep up with hundreds of thousands of customer communications and complaints. FINRA members, including Webull, have the legal duty to respond to customer complaints in an objectively reasonable manner. In some cases, they are also required to report customer complaints to FINRA. Webull's automated system abjectly failed to do that.

Find another stock trading platform

Webull is not upfront with who they are. Trading stocks is all about trust, and Webull fails to be found trustworthy. In addition, the history of taking shortcuts with customer service and screenings by using subpar automated systems is not acceptable. Fortunately, there are many other platforms you can look for to meet your stock trading needs.